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Adding a year to the state pension
I am currently self employed and was planning to cease trading next year but I will be 3 years short of the full pension contributions. I am not due to receive the state pension until 2034. Is there any way that I can contribute to make up the required years?
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Civil Service pension - help!
I'm a working Civil Servant and have been in the Civil Service for 32 years. I'm aged 55 and would like to consider partial retirement. I'm divorced and have no children. I believe I will receive a refund of some of my Widows Pension Scheme (WPS) when I retire fully. My question is, how will the refund affect me…
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Pension contributions in my pot don't match what is taken from my salary
Hi For the past 6 months the amount going into my pension is less that what has been taken from my salary. I asked for my contributions to be increased 6 months ago and also for my bonus (bonus sacrifice) to go in my pension pot. I check my pension every month and the bonus has not gone in at all and the increase has gone…
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FULL PENSION V LUMP SUM & REDUCED PENSION
I am looking for some guidance. I am 56 and wishing to retire possibly next year and have been offered from my DB pension: either 11.5K per annum or 8.2K per annum and a 54K lump sum ( commutation rate of about 16:1). I also have 175K in a DC works pension which I am still contributing too & an emergency fund for 2 years.…
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Chartered Financial Planner??
There's a planned meeting at work regarding our pension scheme (Nest) and pensions in general. I have asked if the individual that is being brought in to discuss this is an IFA. I have been told that they do think so. But his title in his email signature is Chartered Financial Planner. Now I would have thought that an IFA…
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Small pots consolidation
I'm aged over 55 and don't intend retiring anytime soon. I have a number of small pension pots from short-term jobs, there are probably 5 in total that have less than 10k each. I was thinking about consolidating into one, just to make the admin a little easier. I have other larger pensions that will remain untouched. I…
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Backdated payment may have been in error; repayment requested
This discussion was created from comments split from: United Friendly Staff Pension/Royal London..
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Lump sum contribution tax relief question
I'm going to contribute around 16k into an old workplace GPP. The provider state they claim tax relief on direct personal contributions. Although I've read the following on the government site.. Claiming tax relief yourselfIn some cases, you need to claim tax relief on pension contributions yourself. You’ll need to make a…
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'Best' Auto Enrolment WPP Provider?
I get that what makes one best for one wont make it best for the next person & that there may be different criteria for this based on whether you're an employer or employee. With that said, is there a provider or providers that are generally accepted as being better than most (or even worse than most)? 2 obvious points I…
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Local Government Pension Scheme
If you join the LGPS and leave after 1 year this does not meet the 2-year vesting period. If you subsequently after some time rejoin the LGPS can you count that previous year of membership towards the 2-year vesting period?
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DB Pension Offer
I need help! So I have LGPS DB offer of £5,341.81 per annum from State Pension age (67 for me in 10 years time) for transfer of £85k DC Wondering how to determine if this is good value or not? Do you compare it with current annuity rates? I am also considering taking all my pensions in a few years time at 60 so the offer…
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A few small pensions
Hi My husband has a few small pensions from previous employment. He also has a current workplace pension with L&G and a SIPP with HL. Can I move the small pensions without loosing the option to cash them in at 55? (With a view to investing more in the SIPP). On the L&G platform he has Asda Diversified Growth Bond 9k L&G…
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Discounting income payments
This is not annuity related, but it may amount to the same thing. I am considering buying the solar panels on my daughter's roof, which are owned by a finance company. (Installer went bust, new company persuaded previous owner to sign a new lease. New company went bust. Finance company bought leases). I think the…
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Teachers pension, phased retirement and lump sum
I'm at the early stages of trying to get my head around the phased retirement options open to me at 58 years old. Am I right in thinking that if I take 20% of my benefits early, essentially I will be drawing an amount roughly equivalent to 20% of my pension as outlined in my pension statement? Also, can I access the lump…
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"Locking in" SIPP gains - cash or short term sterling MMF?
I have a modest amount in SIPP which I took out to bridge the gap between quitting work (done!) and taking my DB pension in a couple of years. It's in a global index tracker and I would like to "cash in my chips" to preserve my profits (would have been better off doing this a few months ago but hey ho!) My intention had…
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Claiming 1995 NHS Pension
Hi Team l have just requested to apply to claim my 1995 pension early aged 56. However, they have been informed that l am unable to do this because l’m also in the 2015 scheme, therefore l would need to claim early retirement for both. As of 1st June 2025 l will not be in employment within the NHS due to ill health so l’m…
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Salary sacrifice over £60,000 into workplace pension.
I am planning to use my previous years allowance balance and to salary sacrifice around £60,000 this year if this is allowed - when adding the employer contributions it will be circa £70,000 in this tax year. I just wondered how I allocate the extra £10,000 into last years allowance of if I even can doing it this way.…
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SIPP LUMP SUM AFTER ALREADY TAKING 25% TAX FREE
As title states I have already taken 25% over a year ago to pay off mortgage both my wife and I have a combined £350K Remaining which we would like to take a £100K lump sum is it advised? What are the tax implications? both of us work FT at present
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NHS Pension
Touchy subject this one. My Mum was a Nurse in the NHS for 24 years, but was sacked for Gross Misconduct about 8 years ago. Following an inquiry, and twelve months suspension, on full pay, there was found no case to answer. She was paid £24,000 as part of a non disclosure agreement. She was just glad it was over so…
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Pension drawdown taxation and charitable donations
I plan to take make my first SIPP drawdown later this year and will take as much income as I can at the basic rate of tax ie. £50,270 income plus the £16,756 lump sum. If I normally make £3,000 charitable donations each year then could I take that amount as additional income from my SIPP, making a total drawdown of £53,270…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
721 discussions
6.3K comments
Most recent: Delays for P55 tax refund from HMRC by leosayer
21 November at 11:44AM
